AUD/NZD : The Australian Dollar under selling pressure
The AUD/NZD currency pair on the daily time frame has been following a downtrend since 5 September. The price dipped below 1.03674 on 8 March to register the lowest close in 2 years. Since the start of 2019, the price moving between 1.06742 (High of 21st January) and 1.03674 (Low of 6 March). The Aussie dollar experiencing serious selling pressure after weaker than expected economic data. As of writing, the price is struggling around 1.03260 as bears are in full control of the market.
The daily chart of the AUD/NZD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms. The lowest value of the period under study was recorded on 12 March when the price registered the low of 1.03248.
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the AUD/NZD currency pair. RSI (Relative Strength Index) showing values below 50 which supports bearish sentiment in the market.
In alternative scenario, key resistance level lies at 1.06742 (High of 21 January), the price must break this level in order regain confidence from the bulls, otherwise the AUD/NZD currency pair heading towards another low for 2019.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
The daily chart of the AUD/NZD confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms. The lowest value of the period under study was recorded on 12 March when the price registered the low of 1.03248.
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the AUD/NZD currency pair. RSI (Relative Strength Index) showing values below 50 which supports bearish sentiment in the market.
In alternative scenario, key resistance level lies at 1.06742 (High of 21 January), the price must break this level in order regain confidence from the bulls, otherwise the AUD/NZD currency pair heading towards another low for 2019.
Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.